Dogecoin could be headed towards $0.90, thanks to another bullish pennant forming on the chart. This pattern is similar to the previous one, which pushed the price from $0.20 to $0.30. Recent mentions of the Ministry of Government Efficiency have fueled the excitement, keeping Dogecoin in the spotlight. Traders are now keeping an eye on this new setup, anticipating a breakout.
A golden cross lights up optimism
Dogecoin recently rose from $0.15 to $0.43, marking a three-year high. The rally has resulted in a 55% gain in just one week. Analysts attribute the momentum to a golden cross, in which the 50-day moving average moves above the 200-day moving average.
This technical signal usually predicts a significant uptrend. During the rally, the price broke through resistance at $0.22 and $0.30, supported by increased trading volume. Currently, the price is consolidating between $0.34 and $0.44, indicating a potential breakout.
The current price action resembles a setup from 2020 that developed into an inverse head and shoulders pattern. That pattern sparked a massive rally. In 2024, Dogecoin surged 190%, cementing its strong bullish momentum.
Can Dogecoin Reach $0.90?
The current bull pennant formation could pave the way for Dogecoin to reach $0.90. This consolidation phase usually signals a pause before another rally. Traders are watching closely, anticipating the next breakout.
In addition to technical factors, recent events have amplified market sentiment. A statement from Elon Musk, “Ministry of Government Efficiency,” referencing “DOGE,” sparked renewed interest among investors. Although the price briefly corrected 22%, strong buying activity prevented a deeper decline.
With strong technical patterns and growing market enthusiasm, Dogecoin looks poised for another big move. This potential rally highlights how a once-dismissed meme coin continues to defy expectations. Enthusiasts believe the journey to $0.90 could mark another milestone in Dogecoin’s development.
